CP CP Contracts & Business Law

Question 1

Under California law, which of the following is NOT an essential element of a valid contract?

Accepted Answer

Written documentation

Answer

Offer

Answer

Acceptance

Answer

Consideration

Question 2

California's Statute of Frauds (Civil Code § 1624) requires a writing for which of the following contracts?

Accepted Answer

A contract for the sale of real property

Answer

A contract for the sale of a car for $400

Answer

An employment contract lasting 3 months

Answer

A contract for services valued at $200

Question 3

In contract law, 'consideration' is best defined as:

Accepted Answer

A bargained-for exchange of something of legal value

Answer

A party's polite behavior during negotiations

Answer

The written terms of a contract

Answer

The parties' good-faith intentions

Question 4

Which California statute governs the formation and enforcement of contracts with consumers and sets unconscionability standards?

Accepted Answer

California Civil Code § 1670.5

Answer

California Civil Code § 1750 (CLRA)

Answer

California Business and Professions Code § 17200

Answer

California Commercial Code § 2302

Question 5

A California LLC is primarily governed by which statute?

Accepted Answer

California Revised Uniform Limited Liability Company Act (Corp. Code § 17701 et seq.)

Answer

California Corporations Code § 100 et seq.

Answer

California Business and Professions Code § 6000

Answer

California Labor Code § 2750.3

Question 6

Under the California Commercial Code (UCC Article 2), a contract for the sale of goods valued at $500 or more must be:

Accepted Answer

In writing and signed by the party against whom enforcement is sought

Answer

Notarized

Answer

Witnessed by two disinterested parties

Answer

Approved by the California Secretary of State